Carlisle Beneish M-Score Historical Data
The historical data trend for Carlisle's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Carlisle Beneish M-Score Chart
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Carlisle Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.03 |
-2.03 |
-2.59 |
-2.87 |
-2.12 |
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Carlisle Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.05 |
-2.54 |
-2.13 |
-2.12 |
-1.92 |
Competitive Comparison of Carlisle's Beneish M-Score
For the Building Products & Equipment subindustry, Carlisle's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Carlisle's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Carlisle's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carlisle's Beneish M-Score falls into.
Carlisle Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Carlisle for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9557 | + | 0.528 * 0.9815 | + | 0.404 * 1.5337 | + | 0.892 * 1.0443 | + | 0.115 * 1.1089 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0953 | + | 4.679 * 0.075932 | - | 0.327 * 0.9891 |
| = | -1.92 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $699 Mil.
Revenue was 1095.8 + 1122.9 + 1333.6 + 1450.6 = $5,003 Mil.
Gross Profit was 385.7 + 405.5 + 514.4 + 568.9 = $1,875 Mil.
Total Current Assets was $1,532 Mil.
Total Assets was $5,451 Mil.
Property, Plant and Equipment(Net PPE) was $738 Mil.
Depreciation, Depletion and Amortization(DDA) was $182 Mil.
Selling, General, & Admin. Expense(SGA) was $615 Mil.
Total Current Liabilities was $593 Mil.
Long-Term Debt & Capital Lease Obligation was $1,891 Mil.
Net Income was 143.3 + 162.8 + 244.3 + 712.4 = $1,263 Mil.
Non Operating Income was -0.2 + -20.7 + 1.1 + 0.1 = $-20 Mil.
Cash Flow from Operations was 1.8 + 370.6 + 312.8 + 183.4 = $869 Mil.
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Total Receivables was $701 Mil.
Revenue was 1096.5 + 1127.5 + 1259.8 + 1307 = $4,791 Mil.
Gross Profit was 398.9 + 419.7 + 466.1 + 477.2 = $1,762 Mil.
Total Current Assets was $3,463 Mil.
Total Assets was $6,646 Mil.
Property, Plant and Equipment(Net PPE) was $654 Mil.
Depreciation, Depletion and Amortization(DDA) was $183 Mil.
Selling, General, & Admin. Expense(SGA) was $538 Mil.
Total Current Liabilities was $1,175 Mil.
Long-Term Debt & Capital Lease Obligation was $1,887 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (699.4 / 5002.9) | / | (700.8 / 4790.8) |
| = | 0.139799 | / | 0.14628 |
| | = | 0.9557 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (1761.9 / 4790.8) | / | (1874.5 / 5002.9) |
| = | 0.367767 | / | 0.374683 |
| | = | 0.9815 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (1531.6 + 738.3) / 5450.9) | / | (1 - (3463.4 + 653.7) / 6645.9) |
| = | 0.583573 | / | 0.380505 |
| | = | 1.5337 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 5002.9 | / | 4790.8 |
| | = | 1.0443 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (183.1 / (183.1 + 653.7)) | / | (181.5 / (181.5 + 738.3)) |
| = | 0.21881 | / | 0.197326 |
| | = | 1.1089 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (614.9 / 5002.9) | / | (537.6 / 4790.8) |
| = | 0.122909 | / | 0.112215 |
| | = | 1.0953 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((1890.5 + 593.1) / 5450.9) | / | ((1886.9 + 1174.7) / 6645.9) |
| = | 0.455631 | / | 0.460675 |
| | = | 0.9891 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (1262.8 - -19.7 | - | 868.6) | / | 5450.9 |
| | = | 0.075932 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Carlisle has a M-score of -1.92 suggests that the company is unlikely to be a manipulator.
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